Please note that this release was corrected 24 June 2011 at 9:00
The wage index is 1.1% higher than in the previous month
The wage index in May 2011 is 389.9 points, 1.1% higher than in the previous month. In the last twelve months the monthly wage index has risen by 5.3%.
| Wage Index 2010-2011 | |||||
| December 1988=100 | Change from previous month, % | Annual rate based on the change in the last | |||
| Index | 3 months, % | 6 months, % | 12 months, % | ||
| 2010 | |||||
| May | 370.1 | 0.2 | 1.6 | 2.6 | 4.0 |
| June | 378.3 | 2.2 | 10.5 | 6.5 | 6.1 |
| July | 379.5 | 0.3 | 11.3 | 7.0 | 6.0 |
| August | 379.5 | 0.0 | 10.6 | 6.0 | 6.0 |
| September | 380.7 | 0.3 | 2.6 | 6.4 | 6.0 |
| October | 381,8 | 0.3 | 2.4 | 6.8 | 6.0 |
| November | 382.4 | 0.2 | 3.1 | 6.8 | 4.7 |
| December | 383.1 | 0.2 | 2.5 | 2.6 | 4.5 |
| 2011 | |||||
| January | 383.2 | 0.0 | 1.5 | 2.0 | 4.4 |
| February | 383.9 | 0.2 | 1.6 | 2.3 | 4.2 |
| March | 385.2 | 0.3 | 2.2 | 2.4 | 4.4 |
| April | 385.6 | 0.1 | 2.5 | 2.0 | 4.4 |
| May | 389.9 | 1.1 | 6.4 | 4.0 | 5.3 |
| Wage index is calculated and published according to law no 89/1989. The wage index is based on regular hours earnings each month, calculated and published in the month following calculation. | |||||
Real wages increased by 0.2% from the previous month
The real wage index in May 2011 is 105.9 points, 0.2% higher than in the previous month. In the last twelve months the real wage index has increased by 1.9%.
Collective agreements
An agreement between the Confederation of Icelandic Employers and the Icelandic Confederation of Labour (on behalf of its member unions), signed 5 May 2011, stipulated that a lump sum payment of 50,000 ISK was to be paid at the approval of the agreement. This lump sum payment affects the wage index.
Statistics